Why do major shareholders not support a cash issue? Because they are confident ATM have enough cash on hand to see them through to profitability. If they did not think this and did not want their shares diluted, would they not sell their shares? But they are not and for me that gives me confidence that they are happy with ATMs plan. The just released HY shows that ATM are on target or even a little ahead of target with a few unexpected but welcome surprises (biggest Australian fresh milk seller to China, a substantial increase in revenues etc). Next year they will need to achieve a similar growth rate to this year for revenues and they will hit their target of 230m. At that stage they would have been in UK and China for 2 years, USA for 1 and maybe experiencing rapid growth in 1 or more of those markets.
And you yourself just stated how easy it would be for them to raise cash. I would imagine a 50m share placement @50c each based on current SP would be about right, with their current cash burn that would last them 3 years. How long would it take for them to organise this? A month? How long until the cash runs out? 18 months.
Sorry, but your comments SNOOPY sound more and more like "the sky is falling! the sky is falling!". ATM aren't out of options. They have 18 months to see themselves through to profitability which is looking better and better. And what happens if they aren't where they want to be then? They could close 1-2 of their overseas operation and just keep growing in Australia/UK or China. This would likely see them making 20-30m a year or more in a year or more in pure earnings, which isn't too shabby to say the least.
But please keep posting, you do throw up some interesting arguments. Always good to have someone picking things apart!